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Thursday, April 07, 2011

Smartag Solutions public tranche of 2m shares oversubscribed 268 times

Written by Joseph Chin of theedgemalaysia.com

Wednesday, 06 April 2011 16:06

KUALA LUMPUR: Radio frequency identification (RFID) solutions provider, Smartag Solutions Bhd’s public tranche of two million shares at 31 sen each was oversubscribed by 268 times.

It said on Wednesday, April 6 the two million shares attracted 11,845 applications for 538.1 million shares with a total value of RM166.8 million.

Its listing exercise involved the public issue of 57.0 million new shares of which 50 million shares were for private placement, five million shares for eligible directors, employees and business associates and the remaining two million shares for the Malaysian public.

Smartag’s IPO will raise RM17.67 million in proceeds for the group. Of this, RM8.84 million will be for project-related capital expenditure, RM3.36 million for R&D and related expenditure, RM3.53 million for working capital and RM1.94 million to defray listing expenses.

Smartag is scheduled to list on the ACE Market of Bursa Malaysia Securities Bhd on April 18.